AirAsia-Tata JV incorporates Indian company
March 31, 2013, 7:20 pm

Malaysian low-cost carrier AirAsia has incorporated a company in India with the filing of all requisite documents with the Indian ministry of corporate affairs, ahead of launching services in a joint venture with the Tata’s in India.

The venture, AirAsia (India) Pvt Ltd, was incorporated as an “Indian non-government company” with its registered office in Mumbai.

It will be an “unlisted” company, as per the documents filed with the Indian Registrar of Companies (RoC).

A company can change its share capital, as also other details, at a later stage.

Among various documents submitted by AirAsia (India), the incorporation certificate was filed on March 28.

AirAsia chief Tony Fernandez has tweeted that the company formation has been done for the Indian venture.

“Airasia India pvt has been formed. One more step. Been studying the Indian market hard. Exciting. We can make a difference,” he wrote on the micro-blogging site.

The Indian Foreign Investment Promotion Board has already approved investment in the new venture, wherein Malyasia-based AirAsia would hold a 49 per cent stake – Tata Sons will have 30 per cent.

Being started with an initial investment of $14.5 million, AirAsia India will compete in the domestic passenger aviation space with carriers like Jet Airways, Spicejet, IndiGo, Go Air and state-run Air India.

AirAsia India would also mark the re-entry of Tata’s into the aviation space after about 60 years of JRD Tata-founded Air India being nationalised in 1953.

57 founding members, many of them prominent US allies, will sign into creation the China-led Asian Infrastructure Investment Bank on Monday, the first major global financial instrument independent from the Bretton Woods system.

Representatives of the countries will meet in Beijing on Monday to sign an agreement of the bank, the Chinese Foreign Ministry said on Thursday. All the five BRICS countries are also joining the new infrastructure investment bank.

The agreement on the $100 billion AIIB will then have to be ratified by the parliaments of the founding members, Chinese Foreign Ministry spokesman Lu Kang said at a daily press briefing in Beijing.

The AIIB is also the first major multilateral development bank in a generation that provides an avenue for China to strengthen its presence in the world’s fastest-growing region.